Bank of America Corp DE Purchases 65,099 Shares of Stepan Company (NYSE:SCL)

Bank of America Corp DE boosted its stake in shares of Stepan Company (NYSE:SCL) by 119.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,448 shares of the basic materials company’s stock after buying an additional 65,099 shares during the period. Bank of America Corp DE owned approximately 0.53% of Stepan worth $9,413,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SCL. Meadow Creek Investment Management LLC raised its stake in Stepan by 1.8% in the first quarter. Meadow Creek Investment Management LLC now owns 1,568 shares of the basic materials company’s stock valued at $124,000 after buying an additional 28 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Stepan during the first quarter valued at $134,000. Glen Harbor Capital Management LLC raised its stake in shares of Stepan by 1.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,904 shares of the basic materials company’s stock valued at $150,000 after buying an additional 34 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Stepan by 28.8% in the first quarter. Victory Capital Management Inc. now owns 1,917 shares of the basic materials company’s stock valued at $151,000 after buying an additional 429 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Stepan by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 2,150 shares of the basic materials company’s stock valued at $169,000 after buying an additional 40 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Stepan Company (SCL) traded up 0.76% on Wednesday, hitting $79.39. The stock had a trading volume of 66,734 shares. The firm has a market cap of $1.79 billion, a P/E ratio of 20.67 and a beta of 1.26. The firm’s 50-day moving average price is $85.18 and its 200-day moving average price is $82.12. Stepan Company has a 1-year low of $66.90 and a 1-year high of $92.97.

Stepan (NYSE:SCL) last issued its quarterly earnings data on Wednesday, July 26th. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.34 by $0.02. Stepan had a net margin of 4.85% and a return on equity of 14.95%. The business had revenue of $495.10 million during the quarter, compared to the consensus estimate of $472.35 million. During the same quarter in the previous year, the firm posted $1.31 EPS. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities research analysts predict that Stepan Company will post $4.58 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.82 annualized dividend and a yield of 1.03%. Stepan’s payout ratio is 21.52%.

Several brokerages have weighed in on SCL. BMO Capital Markets dropped their target price on Stepan from $42.00 to $36.00 in a research report on Monday. BidaskClub lowered Stepan from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Zacks Investment Research lowered Stepan from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. Wellington Shields lowered Stepan from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, National Bank Financial dropped their target price on Stepan from $40.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Monday, June 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $52.00.

In other news, Director F Quinn Stepan sold 8,865 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $80.50, for a total transaction of $713,632.50. Following the completion of the sale, the director now owns 287,962 shares in the company, valued at $23,180,941. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman F Quinn Stepan, Jr. sold 15,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $79.27, for a total value of $1,189,050.00. Following the sale, the chairman now owns 151,864 shares of the company’s stock, valued at approximately $12,038,259.28. The disclosure for this sale can be found here. Insiders own 13.10% of the company’s stock.

Stepan Company Profile

Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a range of end products. The Company operates through three segments: Surfactants, Polymers and Specialty Products. The Company’s principal markets include manufacturers of cleaning and washing compounds (including detergents, shampoos, fabric softeners, toothpastes and household cleaners), paints, cosmetics, food, beverages, nutritional supplements, agricultural products and plastics.